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MPs urged to leave house prices to the market

Monday, 10 May 2010 7:00 PM

First Rung chief executive Paul Holmes has expressed concern about any effort to stabilise property prices, which will keep homes beyond the reach of those looking to get their foot on the first rung of the housing ladder.

He suggested that the government has a vested interest in keeping house prices high in order to avoid further damage to the banking system in which it has a significant interest following the recessionary bailout.

Mr Holmes added: "We are still in a situation where the average property price of £150,000 is still miles out of reach for all but the wealthiest of first-time buyers.

"No incentives, no initiatives, they should just let market behaviour take care of the market place but they won't because they are petrified of house prices falling any further."

His comments follow the publication of new research by Hometrack, which indicated that house prices increased by 0.2 per cent in April compared to the previous month.

This means there are fewer bargain properties on the market, set against a backdrop of sluggish economic growth and rising unemployment.

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